I think hanging it will cause problems with the laws of physics. It'll spin the wheel until the load of the wheel is greater than the inertia in the motor--then the motor will start to spin instead. Not very effective. You'll also be limited to the amount of force you can apply, which will be equal to the weight of the motor.
For polishing larger items, get a flex shaft as suggested, or get some felt bobs for your drill or angle grinder.
Hope this helps.
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